Petrobras announces record profits
Brazil’s state-owned oil giant Petrobras has announced record third-quarter profits this week.
Those considering buying property for sale in Brazil could be interested to hear the news which hints at an economic resilience in the Latin American nation.
According to the firm, net income boomed by 96 per cent to $5 billion (£3.37 billion) compared to the same period last year.
"The company has benefited from higher oil prices, higher fuel prices and higher output," oil analyst Gilberto Pereira de Souza told Bloomberg.
Petrobras’ financial director Almir Barbassa noted that production is expected to be lower in the fourth quarter.
Meanwhile, the firm attended an international oil company forum in China last week.
Among the issues highlighted at the meeting was the need to focus on technological innovation, new business models and greater cooperation among oil firms.
BuyAssociation reported this week that Brazil is in a healthier position to emerge form the global financial crisis than developed nations.
